|
|
|
American College of Trust and Estate Counsel
3415 S. Sepulveda Boulevard
Suite 330
Los Angeles, CA 90034
310-398-1888
310-572-7280 (fax)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Request for Guidance on Granting First Spouse to Die a General Power of Appointment over the Surviving Spouse's Property.
An Adobe PDF version of this document is available here. |
|
|
|
Daniel H. Markstein, III
Maynard, Cooper Gale, P.C.
1901 6th Avenue North
2400 AmSouth/Harbert Plaza
Birmingham, Alabama 35203-2602
Direct Dial: (205) 254-1043
E-mail: dmarkstein@maynardcooper.com |
|
| August 10, 2007 |
|
| Via email michael.desmond@do.treas.gov; donald.l.korb@irscounsel.treas.gov |
|
Mr. Michael J. Desmond, Tax Legislative Counsel
Department of the Treasury
1500 Pennsylvania Ave., N.W.
Room 3040
Washington, DC 20220
Mr. Donald L. Korb, Chief Counsel and Assistant General Counsel
Internal Revenue Service
1111 Constitution Avenue, N.W.
Washington, DC 20224-0002 |
|
Re: Request for Guidance on Granting First Spouse to Die a General Power of Appointment over the Surviving Spouse's Property |
|
| Dear Mr. Desmond and Mr. Korb: |
|
| I am writing to you on behalf of the American College of Trust and Estate Counsel ("ACTEC") to ask that you add to the Business Plan the matter discussed in
the enclosed letter dated July 23, 2004 from ACTEC's then President, Robert J.
Rosepink, to Mr. George Masnik. The letter concerns the transfer tax consequences
of granting the first spouse to die a general power of appointment over the surviving
spouse's property. |
|
| Although the Internal Revenue Service has continued to issue taxpayer-favorable
private letter rulings on this subject since the enclosed letter was sent, IRC§ 6110 (k)(3) provides that a taxpayer may not rely on a private ruling issued to
another taxpayer. As the estate tax credit increases, this issue becomes even more
important. Unless the strategy described in the enclosed letter is effective, many
married couples will be unable to allocate their assets to make sure that the spouse
who dies first will have sufficient assets to benefit from his or her available estate tax
credit. |
|
| Representatives of ACTEC would be pleased to meet with you and/or your representatives to discuss why we think that this matter should be given a high priority. ACTEC also will be pleased to offer any technical assistance that you may find useful in carrying out this project. |
|
|
Respectfully submitted,
Daniel H. Markstein, III
President
|
|
Encl.
cc: George Masnik (george.l.masnik@irscounsel.treas.gov)
Catherine Hughes (catherine.hughes@do.treas.gov)
Susan Brown (susan.brown@do.treas.gov)
William P. O'Shea (william.p.oshea@irscounsel.treas.gov)
Ellen K. Harrison, Esq.
|
|
|
|
|
|
|
